Eimskip Strengthens Its Worldwide Forwarding Services By Acquiring The Reefer Logistics Company Mareco In Belgium

Annual revenue about EUR 60 million and 32,000 TEU transported volume

Eimskip has strengthened its position in worldwide reefer logistics services by acquiring 80% of the forwarding company Mareco N.V. The company was founded in 2002 and its headquarters are located in Antwerp, Belgium. The current management team will continue to own a 20% share in the company and will manage its operations. Mareco employs 26 people in two locations, 22 in Antwerp and four in Sao Paulo, Brazil.

Mareco focuses on reefer logistics services, especially export to West, Central and South Africa from all over the world. Main commodities are seafood, chicken, pork and beef. The company’s annual revenue amounts to approximately EUR 60 million, with EBITDA ratio of 5-6% and it transports about 32,000 TEU per year.

The acquisition is estimated EUR 16.6 million, subject to the company’s financial results for the year 2016, and is financed with cash and debt. Mareco will become a part of the Eimskip group as from the beginning of this year.

In relation to Eimskip’s investment and acquisition projects, the company has made an agreement with Íslandsbanki for a revolving credit facility with an agreed term of 18 months in the amount of EUR 47 million. Due to the acquisition of Mareco, Eimskip has drawn EUR 7 million on the credit facility.

The acquisition of Mareco expands Eimskip’s geographical reefer logistics network, especially in areas in Africa and South America, and increases the variety of frozen commodities. Mareco’s network will support the group to capitalize on new opportunities in new regions and supports further development in Eimskip’s reefer logistics services.

Gylfi Sigfússon, President and CEO of Eimskip

“We are pleased to have Mareco as a part of the Eimskip group and the company will further strengthen our reefer logistics services with a wider scope of Eimskip’s services, both in terms of new commodities and new geographical areas. This will also increase our diversification and the valuable experience of Mareco’s management and employees will help us to further strengthen our worldwide forwarding operation.”

Koen Jansen, Managing Director of Mareco

“We have known Eimskip for many years and are very excited to become a part of the Eimskip group as we think we can bring a great knowledge and expertise to the group. In the past, the two companies have been focusing on different markets and different commodities and therefore we foresee that both companies will benefit from each other’s experience in growing into new markets.”

About Eimskip

Eimskip is a leading transportation company in the North Atlantic with connections to international markets and is specialized in worldwide freight forwarding services, with the vision of providing excellence in transportation solutions and services. Eimskip was founded in 1914 and is a publicly traded company with its shares listed at Nasdaq Iceland. The company runs a network of 60 offices in 20 countries, operates 20 vessels and has around 1,680 employees. Approximately half of the company’s revenue comes from operations outside Iceland.


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